Hotels will face years of losses as the industry struggles to recover after the coronavirus pandemic.
According to data from travel website Trivago, hotel prices in Athens fell by 24% in June, compared to June 2019, with Athenian hotels (many of which remain closed) ranked in the middle of the table in terms of price reduction in other major European cities.
All of the 17 representative European cities that are tourist destinations reported a decline, except in Brussels and Paris, where June prices are exactly the same as last June.
In Athens, hotel prices are set at an average of €84 this year (in June) from €122 euros in June 2018 and €111 in June 2019.
On an annual basis across Europe, the largest drop (-44%) in the prices of hotels were recorded in Madrid, where from €154 in June 2019 prices fell to €86 this year.
In contrast, the lowest price, just €53 this June was recorded in Constantinople (Istanbul) from €66 in June 2019, down 19% from last June.